Friday, November 3, 2017

A Guide to the New Condominium Act Forms

As of yesterday, many changes
to the Condominium Act came into effect that affect the day-to-day
responsibilities of condo corporations.

Some of the changes require
corporations to use Ministry forms where they weren’t previously required.

The Ministry released the new
forms corporations will have to use for: proxies, to provide notice of meeting,
and the three types of information certificates, among others. Here is a list
of the new forms:

This “mini status certificate”
provides owners with updates on finances, insurance, reserve fund, board, and
other matters throughout the year.Tip:
This must be sent out twice per year – within 60 days after the last day of the
first and third fiscal quarter.

This certificate is triggered
on certain events, such as a change in the directors, or change of the
corporation’s address for service.Tip: There
are different time periods for sending out the Information Certificate Update
depending on the type of triggering event. For example, if the board loses
quorum, this must be sent out within 5 days of losing quorum, whereas a
corporation has 30 days to send out the notice for a mere change in the number
of directors.

This form must be used by
owners or mortgagees voting by proxy at a meeting of owners.Tip: Proxy
forms can be used at an adjournment of a meeting of owners. If, for example,
there weren’t sufficient owners present at an AGM to pass a by-law, proxies
submitted for the purpose of passing a by-law at that AGM can be used at a
subsequent meeting of owners.

This must be used by owners who
wish to call a meeting to fill vacancies on the board if the board loses quorum
and the remaining directors do not call within 15 days of losing quorum, or if
there are no directors in office.

This form must be used by owners if they wish to submit material to the
board to be included in the upcoming Notice of Meeting of OwnersTip: Although
owners can request material to be included in the notice of meeting, the board
is not obligated to include this material unless the submission is made on
behalf of owners of 15% of the units (or more), and the submission would not
add anything that is contrary to the Condominium Act or the regulations.C/O Lash Condo Law

About Me

Professional and Persistent in getting things done, Creativity with Integrity and Panache. Working house to house since 1989. http://www.youtube.com/watch?v=4sYUxpvAZAc Maybe a reference or two would help you decide? http://www.youtube.com/watch?v=0yiAgioqOKQ Should you have friends and clients that you would like looked after on a Toronto, Mississauga or Oakville move; rest assured that they will be looked after. Living in Toronto David Pylyp sales representative, re/max realty specialists inc., brokerage
905 272 3434 or 647 218 2414